While it’s encouraging that another coronavirus relief package is on the way, it’s also discouraging that cannabis banking reform has been excluded from it.
The 5,593-page, $900 billion coronavirus relief bill that is still being considered in the U.S. Congress, has left out marijuana banking reform, even though it was part of the initial U.S. House relief measure.
There could be additional COVID-19 stimulus after President-elect Joe Biden assumes office in January, said David Mangone, director of policy for The Liaison Group.
If cannabis banking reform is included in Biden’s plans, it would allow financial institutions to provide traditional banking services to state-legal marijuana businesses without fear of federal punishment.
It all may depend on Georgia who will have its senate election in January. If Democrats were to win the two Georgia runoff seats in January, then cannabis banking reform would be more likely.
There are some provisions in the current stimulus bill that could still help cannabis sales. They are:
A $300-a-week jobless benefit supplement through mid-March.
$600 stimulus checks to Americans who earned less than $75,000 in the preceding tax year. Families also would receive a $600 for each child.
